Absolutely the biggest thing you need to understand is your own bankroll. If you want to be a bookie for the action, then I doubt youll make it. If you're in it to a run a business, like a business, then youll be fine.
Here is some advice:
1.Set up processes - for everything.
Recording, Collecting, Paying Out, vetting, Bonus Plays, settle up limits, and thats just the basics - lots more to add here.
2.A PPH is absolutely necessary. message me for a recommendation. There is a right choice.
3. Record transactions a place outside of the PPH
Two places are better than one - maybe on your PPH you credit a payment to a trusted client instantly, even though you won't have money in hand for another 3 days.
PPH records instantly, use excel to record all the transaction you actually received once a week. Compare balances to help find mistakes - they will happen
4. How are you going to accept payments? Electronically? In person? Between what times?
Think of things in terms of legalities and scale. You can't meet 55 people every Monday. You just can't. Scale is important.
5. How are you doing to deal with stiffs and slow pays?
I promise you this will always be an issue. do you incentivize people to pay? Having a likable personality here is important.
6. How do you attract new clients? Referral bonuses? How do you vet referrals of referrals, ie someone you don't know recommending someone else you don't know?
7. CREDIT/LIMITS!? How much credit do you give people? What are the questions youll ask to get the answers you need to make that decision? Are you going to require post up? what are you single game limits. How will that change from football season to mlb season? Will it vary person to person, how do you scale that? How do you handle someone that wants an increase in mid week. This is an important category that will spawn lots of questions.
8. When and how much do you pay yourself?
This is the most important question. My biggest piece of advice is DO NOT pick from your stack here and there. Again, treat it like a business. You wouldn't allow employees to take $20 out of the drawer at the end of the day. Your bankroll is NOT petty cash, it's an investment. My recommendation is this: don't even think about pulling anything for yourself until after March Madness. Don't be greedy and show patience. Again, if you're treating it like a business - if you were an investor, you wouldn't even think about making a profit until a couple years down the road. Have that mindset. As your bankroll grows, you can take on bigger action, your profits get bigger.
9. You'll never make it being a forum bookie. The casual, local bettor is your best friend. Most aren't on forums. Those that are, maybe they are on forums because they are sharp and sports betting is their passion... but more likely they are on forums because they are degenerates. Any initial business you get from forums are probably people that have already fucked over all their other options. There's nothing to hold them from stiffing. A ruined online reputation - most don't care about that. Forums are not a viable option for growing your clientele.
10. Be prepared to be surprised - People will lie to you, break your trust, fuck you over, and ruin friendships.
I started off saying do you want to be an action junkie or a business owner. An action junkie will put themselves in a position to have to sweat out games every week, will be running low on cash. A business builds it for the long term, takes a calculated risk, wants to grow and be profitable over the long haul. Your actions will define what bookie you will be, but remember you have a moral obligation to be able to pay everyone one time - no excuses. It doesn't matter if 70% of your list slow pays you - its always unacceptable for a book to slow pay a client.
Good Luck.
